We are thrilled to announce the “Friend.Tech Fractionalised Wrapper”, another innovative feature from DerpDEX that will fill the gaps of the newest Friend.Tech frenzy, and making your whole trading experience better.

🤨 First, what is Friend.Tech?

Friend.tech, the newest social app for Web3, immediately took over the social media world. It is a decentralized social network with the latest smart contract innovation through token wrapper, where friends or networks become Shares or Keys. You can now invest in anyone’s social network or any set of users to monetize their FT shares or keys into tradeable erc20 token.

🤨The gap and limitations in Friend.Tech

And although how amazing Friend.Tech is, there are some gaps and limitations that we cannot leave unseen. Here are some that we noticed…and are trying to solve.

1. The FriendTech shares that have been minted CAN’T be wrapped due to the smart contract that is developed by the FT team. These shares are “minted” and “burn” according to the bonding curve within the FriendTech contract.

2. These FT shares are non-tradeable outside of FT. Essentially, making it a walled garden (chips that could only be used within their casino).

3. On top of that, every mint/burn function takes 10% of transaction fees, while the creator takes 5%.

4. The subsequent minters (new users), can only mint new shares BUT these shares are non-tradeable outside of the FT smart contract.

5. 0xFooBar developed a contract that enables their followers to mint these FT shares as a wrapped tradable fractionalized erc20 token.

6. Essentially, it gets new users to mint their “shares” and automatically wraps them into tradeable erc20 tokens that can be used for additional utility. Existing users who have minted the shares couldn’t do anything but just hold it or sell it only within the FT bonding curve smart contract.

💡DerpDEX’s Solution

With the set of limitations that users encounter in using Friend.Tech as mentioned above, DerpDEX thought of a brilliant idea to bring it closer to home, where existing FT share can also wrap their shares into fractionalized tradeable erc20 tokens to improve the liquidity of the keys.

Let’s see the features that DerpDEX’s FT Fractionalised Wrapper offers!

1. Allows users to mint/burn ERC-20 tokens.
   - While user is minting new ERC-20 token, it will help user to buy FriendTech key behind.
   - While user is burning the minted ERC-20 token, it will help user to sell FriendTech key at the same time.

2. Allows users to trade ERC-20 tokens without accessing the Friend.Tech app
   - Users can straightaway trade the token on DEX without accessing the FriendTech app
   - It will create arbitrage opportunity between the wrapper token price and FriendTech key price to improve trading volume.

3. Allows users to provide liquidity on DerpDEX or other DEXes
   - Allow users to provide liquidity on DEX to earn more incentives while speculating the FriendTech key price.
   - Possible allowing users to utilise the ERC-20 token feature on other DeFi protocols.

4. Added anti-sniping mechanism
   - Allow to set up tradable ERC-20 by token owner to prevent sniping once added liquidity to the DEX pool.
   - Once enabled trading option, it is not allowed to disable anymore.
   - Restricting maximum purchase amount and maximum token amount holding for a certain interval by token owner

5. Allowed token owner to set ticker information (E.g. Token name and token symbol)

6. Allowed users to use zap-to-earn
   - Before that, the token owner needs to provide liquidity and enable trading.
   - Users can use single side token to provide liquidity and earn trading fees.

😵‍How can I start using this feature?!

You can now start using this feature by following the steps below!

1. Setting it up and get ready for action! First, make sure you already have your FriendTech key.

2. Visit this page, connect your wallet, and deploy the token. After that, get the token address and share it with the DerpDEX team for address whitelisting.

3. To mint more keys (shares), users can go here to search for the username and mint & buy keys.

4. You can set up the ticker info via token contract on the explorer.

5. You will need to create pools through this page.

6. [Optional] You can now also set up anti-sniping information via token contract on the explorer.

7. Make sure you enable trading!

For more detailed instructions on Setting up, Adding Liquidity, Token Burning, and LP Lock, please go to this doc 👇

DerpDEX continues to create innovation from different areas of Web3 and provide you with a better and safer trading experience! Our newest feature aims to provide and help you to control your shares and be rewarded better. Hop on and try it now!

😙 About DerpDEX

DerpDEX combines the best of web3: the perfect blend of “DeFi + memes + NFTs”  powering the meme movement on L2 network. By restoring the old glory of derps as internet sensations designed to entertain degens worldwide, we are making derps great again.

Trade, earn, stake, and launch crypto with the most  ̶a̶u̶t̶i̶s̶t̶i̶c̶ best DEX on the internet.

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